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Peter Strom. (Darren Brown, OBJ)

March Networks (TSX:MN) has won a $6-million deal in Latin America which will see its equipment used at more than 1,900 retail banking branches and automated teller machines.

The Ottawa-based company said an unnamed financial institution in the region has chosen its networked video recording systems and investigation software to secure the bank's network, as it makes the transition from its existing closed-circuit television (CCTV) infrastructure to the newer Internet-protocol based video surveillance systems, such as March's VideoSphere line of cameras, encoders and intelligent video analytics.

"We are pleased to add this leading Latin American bank to the growing list of financial institutions using our solutions worldwide," said March CEO Peter Strom in a statement. "Our integrated video surveillance and business analysis applications provide institutions with the powerful tools they need to address fraud, theft and liability issues, particularly during challenging economic periods."

The company said the order should be fulfilled within the next 12 months.

The announcement gave March's stock a brief boost Thursday afternoon on the Toronto Stock Exchange, but the share price plunged to a fresh 52-week low of $1.60 at 3:44 p.m. soon after.

Even after taking into account the turbulent economic environment, analysts have expressed concern about the company's inability to turn a profit despite strong revenues and multimillion-dollar deals across the world.

March's shares have plunged more than 85 per cent in value, from a high of $11 in November 2007.